£170000 in 10 years

Busy_Mee1

Hi Try Harder - saw my name mentioned and thought I would pop in. Brilliant that you are on track for £20k at the end of Jan...it was just a nice round figure that I plucked out of the air, but great that it is looking like a reality :rotfl:

I think that it makes perfect sense to pay off your sub account on your mortgage. I know that you pay a relatively high interest rate and although the returns on your S&S ISA currently outstrip that, but that is in no way guaranteed. I think it spreads your risk if you pay off chunks of your mortgage, in addition to having savings. £10k off your mortgage, means that it is gone forever and secures a bit more of your home. I know it will be painful because it is lovely to have the cushion of savings. It does however make sense in the long run, your priority has got to be to pay off your mortgage to secure your home for your long term future.

ch4rly2002

Ultimately it is up to you what you decide to do TH, but I have to say I think Busy Mee is on to something. Despite the high interest rate on your savings, the risk of the savings going down would make me slightly nervous so it might be a good idea to pay off the sub mortgage to save the interest and guarantee you don't lost that bit of money. You would still have some savings and could build up your savings with the extra £135 that you wouldn't be paying on the sub mortgage. BUT, like I say, it is up to you what works best for you, I just thought I'd share my thoughts

try_harder

I absolutely love being on this group ,so many lovely helpful people with great advice and who can make you think outside the box .Thank you Daisy ,Busy Mee1 and Ch4rly2002 for all your great advice and help ,what a lovely bunch of people all so helpful .
I definitely will pay off SA two ,i will wait until i reach £25,000 as i will feel more comfortable then i can completely see what everyone is saying and it does make sense although it did take a while for the penny to drop Daisy but after working out the numbers it definitely looks right.Roll on £25,000.

themadvix

Whoops, seems I started something here and then disappeared! I agree with the others, but it seems like you've already come to your own conclusion. I think it makes sense, especially as the returns on your savings are guaranteed.

You'll reach £25,000 in no time!

try_harder

Another quick round up .Holiday paid for out of savings .After holiday payments savings look as follows £18,915.88 so a bit of a drop but still aiming for £25,000 so £6084.12 to go so i am hoping to save £1000 a month for 6 months now and aiming for mid to late July so £1014 a month or £234 a week
Food budget £112.95 left for 15 days
Diesel budget £77 left for 15 days

Thank you themadvix ,you are another of the lovely helpful people of which there are so many .

themadvix

That's very sweet of you TH, but it's definitely a case of reaping what you sow around here - your support has been invaluable to me at times!

shangaijimmy

Just catching up with the discussion and definitely feeling your turmoil of savings v mortgage! It seems that us MFW's want everything!!! You have a fantastic 6 month plan there and gives you 6 months to decide on how to celebrate the milestone!!

try_harder

How strange i had just been thinking about you and reading your diary posted then saw this .Thank you i am getting obsessive thats for sure .Someone will have to tug that money out of my hands when it comes to it ...i do like seeing it there in my savings .

try_harder

Almost the end of another month and i have been putting off posting as i am very disappointed that i dont seem to have progressed much if at all this month and will be lucky if i reach the 31st with £19,000 intact .I feel guilty saying this as that is still a lot of money but i tend to feel i have failed but saying that i have paid for a holiday for us and a few others in our family so that is where most of the money went .

Millionaire Challenge money went into the savings pot as did free money to help make up the shortfall i seem to have lost my enthusiasm for all challenges at the minute and even ebax has fallen off and had lots of problems.so sadly not feeling very positive i am hoping i will start the next month with a bit more umph i need to push myself and get out of this rut i seem to be in .Anyway on a more positive note i have written out an estimated income for February and outgoings and will be aiming for £1000 in savings to include with a bit of luck some ebax sales and some extra work from my husband plus i have another big birthday so need to find money for that too ,i am hoping to find that from my food shopping budget so i will be looking to spend £240 over 4 weeks instead of £400 lets see how well i can do.

Busy_Mee1

Don’t be disappointed Try Harder you are doing well and £19k is a great sum. Your next next target of £20k should be a real motivator for February.

I hope you don’t mind me saying but it is your generosity that is your downfall not a lack of financial acumen. I know that giving to your family probably gives you enormous pleasure but you do really need to focus on yourselves a bit more and securing your future. I know this is a real struggle for you ( me too !)